The Energy Report: Toppy And Floppy – Investing.com
The Energy Report: Toppy And Floppy – Investing.com
Oil traders are forgetting the bullish underlying fundamentals for oil and instead focusing on the drama between the UAE and Saudi Arabia.
Their decision to raise production and the UAE’s desire to increase its own production, could lead to a breakdown of the OPEC plus alliance.
From a technical standpoint, the market does look a little toppy. The combination of the 4th of July holiday peak, as well as the OPEC drama, seems to be overshadowing the fact that oil supplies are still very tight.
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